OZschwitz BHP boss warns against ban on fossil fuel investment

A ban on fossil fuel investment would ''seriously'' slow global economic growth, and many of the people advocating such measures were speaking from northern hemisphere points of view, according to BHP Billiton chief executive Andrew Mackenzie.

Speaking in the wake of Norway's decision to investigate whether its sovereign wealth fund should be banned from investing in coal, oil and gas, Mr Mackenzie said such debates often failed to properly understand the realities of life in poorer and developing countries, where 20 per cent of the world's population still does not have access to reliable forms of energy.

The Norwegian sovereign wealth fund is one of BHP's top three shareholders, and could soon be forced to halt fossil fuel investments after the Norwegian government ordered an expert panel to make a recommendation on the issue within one year.